Zimbabweans are suspicious of banks and prefer to keep their money under pillows and beds. In previous crises, hyperinflation wiped out millions in savings, particularly in 2008. Now, there is a lack of favoured banknotes as they wear out faster than replacements come into circulation. Shortages have led to the government telling banks and retailers not to reject old or worn US dollars, but many defy the order. A lack of exports means fewer new notes in circulation, and Zimbabweans are re-using increasingly grubby notes. Dealers either mend them or sell them on to others who will bribe or otherwise persuade senior bank officials to exchange large quantities. A government crackdown blames traders for a plunge in the value of the Zimbabwean dollar. Money dealers say they are being scapegoated for the government’s economic failures.
SOURCE: THE GUARDIAN
More Stories
Angélique Kidjo & Ibrahim Maalouf on ‘Queen of Sheba’
Discovery of Embalming Workshop Reveals How Ancient Egyptians Mummified the Dead
On a Walking Safari in Zambia
theGrio Style Guide: A Glimpse Into the Robust African Fashion Industry
Top 5 African Cities Food Lovers Must Visit in 2023
SA’s First Black African Freediving Instructor On her Favourite Ocean Spots along Cape Town
Iemanjá Festival: Keeping the Afro-Brazilian Tradition Alive
African Travel and Tourism has Potential for Immense Growth
Dakar Hosts the First Africa Vegan Restaurant Week
Under the Hanging Tree Examines how Namibia’s Genocide Lives on Today
Under the Hanging Tree Examines how Namibia’s Genocide Lives on Today
Re-entry of Higher Capacity Aircraft on African Routes Shows Recovery of Hard Hit Travel Sector